Cement News tagged under: Egypt

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Egypt sees signs of stablisation

05 November 2013, Published under Cement News

Signs of stability are beginning to emerge in the Egyptian cement market with visibility improving in several areas, a recent flash note by CM-CIC Securities highlights. The research house believes visibility is improving on several points. Firstly, volumes have been catching up since August and were up by 15 per cent during the month followed by a three per cent increment in September. Moreover, a better pricing scenario has been witnessed through 2013, with an increase of 15 per cen...

Suez Cement quarterly profit drops on demand, energy shortages

01 November 2013, Published under Cement News

Suez Cement reported a significant decline in earnings and profit for the third quarter of 2013 due to lower sales and reduced output on the back of energy shortages. The company, which is part of the Italcementi group, said third quarter EBITDA plunged 42 per cent YoY while net profit fell 72 per cent. Domestic sales of grey cement were down 5.2 per cent during the period. Following such challenging times, Suez Cement expects improvements in cement demand going forward: "The company i...

Titan looks to boost energy supplies in Egypt

23 October 2013, Published under Cement News

Titan Cement Company has begun discussions with Egypt’s Ministries of Petroleum to boost its energy supplies. In an interview with Egypt Daily News, Titan Cement Company executive VP, Medhat Stephanos, said some Egyptian cement factories have had to scale back production and distribution by an average of 24 per cent due to low and intermittent supplies of natural gas. However, the company has opened dialogue with the Ministries of Petroleum to explore new options: “We have already su...

Sinai Cement first-half profit declines, Egypt

06 September 2013, Published under Cement News

Sinai Cement reported a 30 per cent YoY decline in net profit for the first six months of 2013. The Egypt-based cement producer said that net profit fell to EGP50,991,171 (US$7.4m) for the six months compared to EGP 73,140,215 (US$10.6m) for the same period of last year.

ACC plans to list on Egypt stock market

05 September 2013, Published under Cement News

Arabian Cement Co (ACC) is preparing to list on Egypt’s stock market and has submitted a proposal to the Misr for Central Clearing, Depository and Registry (MCDR) to be centrally registered. The company told Zawya News that the company will be added to the central registry as soon as the review is completed. Arabian Cement is 68 per cent owned by Spain-based Cementos La Unión.

ASEC Minya begins production, Egypt

04 September 2013, Published under Cement News

ASEC Minya Cement, an affiliate company of ASEC Cement, announced it has started production at its new 2Mta factory in the Minya governorate. The new factory is located 200km from south Cairo and 50km from North Minya city. Daily News Egypt reported that Giorgio Bodo, CEO of ASEC Cement, expressed his gratitude for the beginning of the new factory’s production despite the political and economic challenges facing Egypt. Mr Bodo said that while security problems and the fuel shortage, ...

Sinai profits slump, Egypt

26 August 2013, Published under Cement News

Sinai Cement, Egypt, reported a steep fall in profits for the first half of 2013. 1H13 net profits fell by 31 per cent to EGP51.1m (US$7.3m), down from EGP74.2m (US$10.6m) over the same period last year.

Cement makers hit by infrastructure slump in emerging markets

20 August 2013, Published under Cement News

Cement producers have been sliding on the financial stock exchanges as emerging market bonds and equities tumble, according to the Financial Times. Many of the region’s building materials groups have invested heavily in the emerging markets and fears that falling foreign investment will negatively impact state spending on large projects has underpinned stock market losses. Swiss major Holcim last week warned that slowing infrastructure spending in India – its biggest market – would dampen p...

Suez Cement six-month net profit ahead, Egypt

12 August 2013, Published under Cement News

Suez Cement has reported a 34 per cent increase in first-half net profit thanks to cost reduction and efficiency improvement efforts. In the second quarter of 2013, net sales of Suez Cement Group of Companies reached EGP1302m (US$, up 11 per cent YoY while recurring EBITDA rose 18 per cent YoY to EGP315m. Net profit increased to EGP168m. Grey cement sales were down by four per cent to “close to 26Mt”, the company said. The industry suffered from continuing energy shortages and steep en...

Italcementi subsidiary signs wind farm agreement, Egypt

24 June 2013, Published under Cement News

The Egyptian Electricity Transmission Company signed a contract with Italgen, a subsidiary of Italcementi Group, to build a wind farm to help meet Suez Cement's energy requirements. The contract authorises Italgen, which has been studying the possibility of incorporating wind technology since 2008, to become the first private investor to enter the Egyptian National Grid, and build a wind energy park in the area of Gulf El-Zeit, according to a statement issued on Sunday. Electrical energy g...